Market wrap: Tech-centric selloff sends S&P 500 down
The S&P 500 was down 0.9%. The tech-focused Nasdaq 100 dropped 1.7%, its biggest decline since Aug. 7. Russell 2000 slid 1%.
Markets slumped ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole conference. In recent years, the stock market has found itself trading to the downside in the weeks following the event.
The entire S&P 500 tech sector was down with a 2.3% retreat, except for CDW Corp. Chip stocks took a hit: Intel and AMD were among the worst-performing S&P stocks, down 6.1% and 3.9%, respectively. Lam Research, which supplies semiconductor hardware, slumped 4.3%. The VanEck Semiconductor ETF plunged 3.3%.
The Magnificent Seven also struggled, with Tesla down 5.7% and Nvidia losing 3.7%.
Financials, energy, health care, and real estate were the only S&P 500 sector ETFs on the rise today.
On the bright side, Peloton had its best day ever; it closed with 35.4% gain after reporting sales growth for the first time since 2021.
Gold also weakened, off more than 1%.
